ForExYard.com has a nice run-down of the troubles that have beset Genzyme -- and the pressures that led it to move Bob Bertolini into the role of the of Audit Committee chairman, replacing Douglas A. Berthiaume [a Genzyme director since 1988, and the Chairman, President and Chief Executive Officer of Waters Corporation, a manufacturer of high performance liquid chromatography instrumentation and consumables]. Note that Mr. Berthiaume isn't a licensed CPA -- while Mr. Bertolini apparently still is.
Do go read the whole article, but here is a bit of it:
. . . .In a bid to fend off a proxy assault from dissident shareholders including billionaire investor Carl Icahn, Genzyme is racing to change its corporate governance practices before change is thrust upon it. . . .
Now, under pressure from big shareholders such as Relational Investors' Ralph Whitworth, and with Icahn considering a proxy fight, Genzyme is moving with a heightened sense of urgency to address other investor concerns. . . .
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